PVR eyes 500 screens mark this fiscal, adds 23 screens to its count

Image credit: GettyMultiplex chain operator PVR expects to add at least 23 screens in the current financial year to take the total to 500 in the same fiscal.

"Our target is to reach 1,000 screens quickly. The shorter target is to get to 500 screens in this financial year and then look at going to 1,000 screens," PVR Cinemas Chief Operating Officer Gautam Dutta told PTI here.

PVR currently operates 477 screens across 44 cities in the country.

It has four brands across different price points - PVR Talkies, PVR Cinemas, PVR Premium and newly launched PVR Icon.

Dutta said the new screens will largely be in PVR Cinemas and PVR Premium.

The company has a capex of Rs 200 crore this fiscal, which includes Rs 135-140 crore for new projects and the remaining for renovation and the cost of each new screen is around Rs 2-2.5 crore.

It recently launched the PVR Icon brand, which is an ultra-premium category, at one of its multiplexes at a suburban mall here with an investment of Rs 25 crore, Dutta said, adding that they will be launching PVR Icon in Bengaluru and Pune in the next fiscal, taking the total to three properties under the newly-created brand.

The company would be spending Rs 60-70 lakh on marketing for the new brand PVR Icon.

PVR enjoys an occupancy rate of 35-37 per cent, with a reported footfall of 66 million.

Online sales contribute around 35-36 per cent of the total ticket earnings.

Food and beverages contribute 25 per cent of the revenues, while advertising accounts for 12 per cent of the income.

The company's consolidated revenue for FY15 stood at Rs 1,486 crore.

On acquisition, he said, "We don't see much. Whatever had to be acquired, it got acquired. There will always be consolidation which is happening but the larger players have all settled and I think it is going to remain like this for a little while now.

"We are all open (to acquisition). Some of the players that we knew who were wanting to acquire or wanting to sell, largely some trading has happened within the industry, some consolidation, there could be a few more but we feel that the time has come where the industry will settle down and move."